PwC: Biopharma dealmaking rebounds as pharma races to fill pipeline gaps
Biopharma dealmaking strengthened sharply at the start of 2026, as large drugmakers moved to replenish pipelines ahead of looming patent expiries, according to PwC’s Pharmaceutical and life sciences: US Deals 2026 midyear outlook.
PwC said pharmaceutical and life sciences deal value surpassed $65 billion in the first quarter, nearly double the level seen a year earlier and one of the strongest quarterly performances in recent years. The firm counted 16 biopharma transactions worth more than $1 billion during the quarter, with activity focused on differentiated science, GLP-1 expansion and next-generation modalities including RNA medicines, antibody-drug conjugates and gene editing.
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